Scale of Brexit's Effect on the City of London Uncovered
Michael Mainelli, the Lord Mayor of the City of London, informed Reuters that the financial district has lost approximately 40,000 jobs since 2016. Read Full Article at RT.com
TroibNews 
The mayor of London’s financial district has reported to Reuters that the area has experienced a significant loss of jobs since 2016.
The City of London, a historic financial hub in the UK capital, has seen a reduction of approximately 40,000 jobs since the nation exited the European Union, according to local mayor Michael Mainelli. He characterized Brexit as a “disaster.”
In the 2016 referendum, British voters narrowly chose to leave the EU by a margin of 52% to 48%, with the formal exit taking place in January 2020.
In February, Bloomberg referenced economists from Goldman Sachs who estimated that the UK's departure had resulted in a loss of about 5% of real GDP in comparison to its economic peers. The report noted that the repercussions of Brexit have included a slow economy and a rising cost of living, attributed to diminished trade and decreased business investment.
In a Wednesday article, Reuters quoted Mainelli saying, “We had 525,000 workers in 2016. My estimate is that we lost just short of 40,000.”
The City of London, while a small geographical area within Greater London, remains a prominent global financial center. Mainelli indicated that cities like Dublin, Milan, Paris, and Amsterdam have reaped the most benefits from the migration of financial entities away from the UK.
He pointed out, “the City voted 70-30 to remain [in the 2016 referendum]. We did not want it.”
The mayor remarked that he has increased efforts to “engage more” with EU member states, having made nine visits to those nations this year. He mentioned that the City is currently negotiating a bilateral trade agreement with Germany.
Mainelli highlighted that the City has been diversifying into sectors such as data analysis and insurance, helping to counterbalance the job losses caused by Brexit.
In March 2022, consultancy firm EY reported that over 7,000 finance positions had been transferred from the City of London to the EU since 2016.
The impact of Britain’s exit from the EU seems to have negatively affected not just the City, but the overall national economy. In July, Rachel Reeves, the newly appointed Labour chancellor of the exchequer, asserted that the UK was facing its most challenging economic situation since the Second World War.
A YouGov poll released the following month indicated that 59% of those surveyed would support a return to the EU in a hypothetical referendum.
However, after the Labour Party's decisive victory in the general election in early July, the incoming prime minister, Keir Starmer, clearly stated that his administration had no plans to rejoin the EU, the single market, or the customs union.
Emily Johnson for TROIB News
The City of London, a historic financial hub in the UK capital, has seen a reduction of approximately 40,000 jobs since the nation exited the European Union, according to local mayor Michael Mainelli. He characterized Brexit as a “disaster.”
In the 2016 referendum, British voters narrowly chose to leave the EU by a margin of 52% to 48%, with the formal exit taking place in January 2020.
In February, Bloomberg referenced economists from Goldman Sachs who estimated that the UK's departure had resulted in a loss of about 5% of real GDP in comparison to its economic peers. The report noted that the repercussions of Brexit have included a slow economy and a rising cost of living, attributed to diminished trade and decreased business investment.
In a Wednesday article, Reuters quoted Mainelli saying, “We had 525,000 workers in 2016. My estimate is that we lost just short of 40,000.”
The City of London, while a small geographical area within Greater London, remains a prominent global financial center. Mainelli indicated that cities like Dublin, Milan, Paris, and Amsterdam have reaped the most benefits from the migration of financial entities away from the UK.
He pointed out, “the City voted 70-30 to remain [in the 2016 referendum]. We did not want it.”
The mayor remarked that he has increased efforts to “engage more” with EU member states, having made nine visits to those nations this year. He mentioned that the City is currently negotiating a bilateral trade agreement with Germany.
Mainelli highlighted that the City has been diversifying into sectors such as data analysis and insurance, helping to counterbalance the job losses caused by Brexit.
In March 2022, consultancy firm EY reported that over 7,000 finance positions had been transferred from the City of London to the EU since 2016.
The impact of Britain’s exit from the EU seems to have negatively affected not just the City, but the overall national economy. In July, Rachel Reeves, the newly appointed Labour chancellor of the exchequer, asserted that the UK was facing its most challenging economic situation since the Second World War.
A YouGov poll released the following month indicated that 59% of those surveyed would support a return to the EU in a hypothetical referendum.
However, after the Labour Party's decisive victory in the general election in early July, the incoming prime minister, Keir Starmer, clearly stated that his administration had no plans to rejoin the EU, the single market, or the customs union.
Emily Johnson for TROIB News
